Are you about to start a career in finance? An internship is a great way to get your foot in the door. Financial firms and enterprises are constantly seeking fresh talents, and an internship can provide you with valuable experience and skills. But what should you look for in a finance internship?
What is a finance internship?
A finance internship offers you the chance to dive into the finance industry with hands-on experience. Businesses, NGOs, and government agencies provide these opportunities, which can go from one to four months or even extend to a year. The internship’s duration is usually agreed upon by both the intern and the employer at the beginning of the process.
The primary goal of a finance internship is to familiarize you with the finance industry and provide all the practical skills and knowledge for your future career. A finance internship is a valuable stepping stone for launching a successful career in finance.
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What should I expect from a finance internship?
What should you expect from your finance internship? Ideally, a significant portion, over half, of your internship should involve engaging in professional tasks. This includes conducting analyses and managing projects. You should aim for less than 25% of your time to be dedicated to basic tasks, such as photocopying or grabbing lunch for bosses and colleagues.
According to research, it’s a good sign if your finance internship involves a substantial amount of challenging and fulfilling work. Even when assigned tasks that might not be the most exciting, it’s important to show that you can complete them with a positive attitude and work efficiently. Remember, no job should seem too small, and demonstrating your willingness to handle various tasks can set you apart.
Regarding the work rate, if you’re interning at banks, brokerage houses, or other financial service firms, be prepared to commit between 200 and 400 hours. This duration, often covering several months or a semester, is what most employers expect from an intern’s on-the-job experience.
What about compensation? Finance is known for its high earning potential, and this extends to internships. While some internships offer minimal compensation, finance interns can anticipate earning an amount that reflects an annual salary between $46,000 and $77,000.
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How to get a finance internship with or without experience: Step-by-step Guide
Securing a finance internship, whether you have experience or not, involves strategic steps. Let’s break them down for you:
1. Relevant Education
The first step to getting a finance internship is to gain the necessary education. While it’s not strictly necessary to have a degree in finance, it can certainly help. A bachelor’s degree in finance will provide you with a solid foundation in the principles of finance and prepare you for the challenges of the field. Additionally, an advanced degree in finance increases your chances of landing a top internship.
2. Build Your Financial Skills
Engage in finance clubs at college or in your community. It’s a fantastic way to sharpen your financial skills. Consider attending finance seminars and networking with professionals in the field to gain insights from their journey. For hands-on practice, try managing a trading account. In addition, soft skills like planning, critical thinking, and time management are crucial.
3. Create a Resume
A well-crafted resume is essential for landing a finance internship. When creating your resume, highlight your relevant education, skills, and achievements. Customizing your resume for each application will also increase your chances of securing your desired finance internship.
4. Apply for Internships
Now that you have a strong resume, it’s time to start applying for finance internships. There are several ways to do this:
- Visit job sites and search for finance internships around you.
- Utilize your college’s career resources to find internship opportunities.
- Network with people in the industry and ask them about potential internship openings.
- Reach out to companies directly and send your resume for consideration.
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Which internship is best for finance students?
According to a survey by Finbold, some of the top finance internships include Blackstone Group, Credit Suisse, Deutsche Bank, Goldman Sachs, and J.P. Morgan.
Let’s take a closer look at these companies and review what they offer.
Blackstone Group is a private equity and alternative asset management firm, offering undergraduate and graduate students a 10-week summer internship program. As an intern at Blackstone, you’ll work on real projects and have the opportunity to network with professionals in the industry.
Credit Suisse is a global investment bank and financial services company that offers a variety of internships in areas such as investment banking, asset management, and private banking. Their internships typically last 8–12 weeks and provide hands-on experience working on real deals and projects.
Deutsche Bank is a German multinational investment bank and financial services company that offers a range of internships in areas such as corporate finance, fixed income, and equities. Their internships typically last 12 weeks and provide a comprehensive introduction to the banking industry.
Goldman Sachs is a global investment bank and financial services company that offers a 10-week summer internship program for undergraduate and graduate students. As an intern at Goldman Sachs, you’ll work on real projects and have the opportunity to network with professionals in the industry.
J.P. Morgan is a global financial services company that offers a variety of internships in areas such as investment banking, asset management, and private banking. Their internships typically last 8–12 weeks and provide hands-on experience working on real deals and projects.
Every company has its unique offerings, but they all share a commitment to providing valuable, real-world experience in finance. No matter which company you choose, a finance internship will help you build a strong foundation for your future career in finance.
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Conclusion
A finance internship is an excellent way to gain practical experience, build skills, and learn about the finance industry. It’s a valuable investment that provides valuable insight into the workings of a finance department. Through a structured finance internship, you’ll get hands-on training, enabling you to understand the diverse roles and responsibilities within the finance industry.
